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Summary

Praise for Executive's Guide to Fair Value: Profiting from the New Valuation Rules "The advent of fair value reporting is not your Momma's (or your Papa's) kind of accounting. If you're a financial professional above the age of twenty-five who is working in industry, read this book. From choosing a fair value specialist to the perils of 'made as instructed' valuations to purchase price allocations to impairment testing to that SEC tripwire, customer relationships, fair value expert Al King gets it right. And he does so with neither jargon nor literary anesthesia. As a former CFO myself, all I can say is WOW!" -Warren D. Miller, CFA, ASA, CMA, CPA, Cofounder, Beckmill Research A hands-on guide for financial executives needing to understand the appraisal process Executive's Guide to Fair Value: Profiting from the New Valuation Rules brings senior level executives up to speed on what fair value really means. This new book addresses a full range of issues facing auditors and executives, including litigation and the "true" determination of value, estimating the value of working capital, and how to estimate the value and life of intangible assets. Complete with advice on the latest FASB rules and regulations, Executive's Guide to Fair Value: Profiting from the New Valuation Rules provides the most up-to-date and reliable information on: The latest fair value rules and how they impact both preparers and users of financial statements The role and responsibility of the appraisal specialist, including best practice tips for choosing and evaluating an appraiser Testing customer relationships for impairment A thorough knowledge of what fair value accounting is and how it can impact your corporation and its profitability Practical applications, including incentive compensation and equity-based compensation In basic, nontechnical language, Executive's Guide to Fair Value: Profiting from the New Valuation Rules will help all financial executives and auditors succeed in understanding the new fair value accounting rules that corporations must now follow. The result is a resource that professionals can rely on to understand the importance of valuation and the concepts that define it.

What is Fair Value?
FASB is Pushing Fair Value
Financial Instruments and the Legacy of Enron
Theoretical Merits of Fair Value Accounting
Fair Value is the New Paradigm
How Reliable are Fair Values?
Relevance of Fair Value
How Exact Can the Determination of Fair Value Be?
Deal Expenses
Managing Earnings: The Potential for Manipulation
Valuation of a Business: What Is It Really Worth?
Fundamental Basis of All Values
Comparable Assets Can Determine Fair Value
Discounted Cash Flow- The Income Approach
Developing Supportable Cash Flow Projections
Earnings Before Interest Taxes Depreciation and Amortization (EBITDA
Myth of Comparable Companies-Making Adjustments
Definition of a Business
Valuing a Start-Up (Early-Stage) Business
Misuse of Valuation Reports
Business Enterprise Valuations (BEV
Litigation and the "True" Determination of Value
Valuation for Divorce Proceedings
Appraisal Reports that are "Made as Instructed"
Audience for Appraisal Reports
Buy and Sell Agreements
Don't Use a Formula
Periodic Valuations of Partnerships, Joint Ventures, and Closely-Held Companies
Accounting for M&A Transactions
SFAS 141- Allocation of Purchase Price
Fair Values Impact Future Reported Income
Market Participants
Choice of Life for Amortization and Depreciation
Asset Lives
Lives for Intangible Assets: Indefinite versus Fixed
Minimizing Reported Income
Goodwill
Solvency Opinions
Due Diligence: What is the Real Value of the Target's Business?
Financial Projections
Estimating the Value of Working Capital
Estimating the Value of Property, Plant, and Equipment
Estimating the Value of Liabilities
Estimating the Value and Life of Intangible Assets
Lives for Amortization
Goodwill on the TargetÆs Books
Estimating the Value of Contingent Liabilities
Valuation of Liabilities
The FASB's Motives for Changing SFAS 5
Regulatory Response to the Potential for Manipulation
Auditing of Valuation Reports
Valuation of Contingent Payments
Environmental Liabilities
Fair Value, Property, Plant,& Equipment, and Sarbanes-Oxley
Required Controls over PP&E
Benefits of a Good Property Record System
Summary and Conclusions
Allocation of Purchase Price in a Business Combination
Adjusted Purchase Price
Financial Projections
Fair Value of Working Capital
Property, Plant, & Equipment (PP&E
Valuation of Intangibles
Duplicate Assets- Exit Value and Market Participants
Testing for Impairment
How Does the Market Respond to Impairment Write-Offs?
Can We Control the Timing and Amount of Impairment Charges?
Testing Goodwill for Impairment
Can You Control Impairment Charges?
Choice of Reporting Unit
Trade-Off between Assigning Value to Intangibles and to Goodwill
Summary and Conclusion
Customer Relationships
What is a Customer Relationship?
Defining a Customer Relationship
How to Interpret the EITF Definition of Customer Relationship
One Major Customer
Selling New Products or Services
Returns on Other Assets
Testing Customer Relationships for Impairment
Selecting and Working with an Appraisal Specialist
Evaluating an Appraiser's Experience
Independence and Ethics in Fair Value
Auditors: Are They the Final Quality Check?
Experience in Your Industry versus Overall Experience
Reducing Costs- Working with Independent Auditors and the SEC
SEC Interaction
Summary and Conclusions
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